APPLICATION OF KNOWLEDGE FOR VALUE GAIN

Abstract

The dynamic business environment requires competitive action to carryout internal efficiencies and capture external business opportunities for profitability. Knowledge becomes the basis for action; knowledge transfer develops expertise in the value chain for innovation and new knowledge sustains business value regeneration process. Integration of manufacturing and business strategy with knowledge connections is a management challenge for organizations. Extraction of business value is realized through application of knowledge in the value chain, as 'codified’ and ‘tacit’ to build competitive advantage. The specific knowledge, defined, codified and tangible qualifies to be an intellectual asset; eligible for protection through legal means to prevent imitation. When period of protection under intellectual property rights have lapsed, it looses its exclusivity. Exploitation of profitability through innovation and prevention of imitation through protection are two dimensions to be balanced to command a superior market position. Research findings highlight 'knowledge' as a core competency

for business value generation.

Key words: knowledge, competitive advantage, protection, value

For full paper: fmscresearch@sjp.ac.lk